Thursday, May 24, 2018

"Uber Unveils Another Loss, CEO Promises To Be Profitable "One Day, Can't Say When""

Hey, speak of the devil!

From ZeroHedge:
It appears Uber is readying itself for an IPO as its release of what Bloomberg calls "cherry-picked financials" suggests a fast-growing company whose losses are shrinking.

Uber "was a company that was in trouble and lost its way in certain ways" according to Chief Executive Officer Dara Khosrowshahi, but now he is fixing things apparently.

Uber said that in the first quarter it generated about $2.6 billion in revenue.

As Bloomberg reports, the company recorded a profit on paper, after accounting for the value of selling its Southeast Asian business to Grab and its Russian business to Yandex.
But it’s a different story without those windfalls.

Uber had a loss of $312 million before interest, taxes and other expenses in the quarter, cutting those losses in half compared to the first three months of 2017, according to financials provided by Uber. That’s a marked improvement for a company that’s burned through more than $10 billion....MUCH MORE